{"id":49823,"date":"2021-06-18T11:04:28","date_gmt":"2021-06-18T10:04:28","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=49823"},"modified":"2021-06-18T11:04:28","modified_gmt":"2021-06-18T10:04:28","slug":"lekoil-cayman-hit-by-massive-board-resignations","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/lekoil-cayman-hit-by-massive-board-resignations\/","title":{"rendered":"Lekoil Cayman Hit By Massive Board Resignations"},"content":{"rendered":"

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Lekoil Nigeria, in which Lekoil Cayman, a Cayman Islands-registered AIM-listed holding company holds a 40% equity holding, announces that a number of its directors and senior executives have resigned with immediate effect from the Board of Lekoil Cayman.<\/p>\n

Aisha Muhammed-Oyebode, Chair of Lekoil Nigeria, has resigned as a non-executive Director of Lekoil Cayman. Lekan Akinyanmi, CEO of Lekoil Nigeria, has resigned as an executive Director of Lekoil Cayman. Gloria Iroegbunam, Company Secretary of Lekoil Nigeria, has resigned as Company Secretary of Lekoil Cayman. All three will remain in their current positions at Lekoil Nigeria.<\/p>\n

The resignations have been prompted by the recent behaviour and actions of the of the Board of Lekoil Cayman. In particular, Mr. Akinyanmi vigorously disputes his unilateral termination as CEO of Lekoil Cayman and all of the statements made by Lekoil Cayman in connection with his employment contract and the loan agreement between him and Lekoil Cayman.<\/p>\n

Mrs Muhammed-Oyebode commented: \u201cThe Board and management of Lekoil Nigeria remains committed to its vision of developing the company\u2019s assets and we wish to assure our numerous stakeholders, especially our shareholders, partners and colleagues, that the strategic national assets under our purview will be protected by all legitimate means available to us.\u00a0 This in turn will ensure the restoration of value for all shareholders, both in Lekoil Nigeria and Lekoil Cayman.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cThe Board of\u00a0 Directors of Lekoil Cayman\u00a0 continue to show a blatant disregard for the Shareholder Agreement, a legally binding agreement which governs the relationship between Lekoil Cayman and Lekoil Nigeria and which was implemented at the time of Lekoil Cayman\u2019s listing to meet the requirements in Nigerian law in respect of control of indigenous strategic assets.<\/p>\n

\u201cThe continuous breaches of due process\u00a0 and corporate governance by the Board of Lekoil Cayman has left us with no option but to resign collectively from the Board of Lekoil Cayman.\u00a0 Meanwhile, Lekoil Nigeria has separately written to Lekoil Limited\u2019s advisers and to the AIM authorities requesting them to investigate the behaviour of the current Board of Lekoil Limited.\u201d<\/p>\n

\n<\/p>","protected":false},"excerpt":{"rendered":"

Lekoil Nigeria, in which Lekoil Cayman, a Cayman Islands-registered AIM-listed holding company holds a 40% equity holding, announces that a number of its directors and senior executives have resigned with immediate effect from the Board of Lekoil Cayman.\u00a0<\/p>\n","protected":false},"author":6,"featured_media":45934,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8736,8738,8737,8735],"coauthors":[2391],"class_list":["post-49823","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-aisha-muhammed-oyebode","tag-gloria-iroegbunam","tag-lekan-akinyanmi","tag-lekoil-cayman"],"yoast_head":"\nLekoil Cayman Hit By Massive Board Resignations - National Wire<\/title>\n<meta name=\"description\" content=\"Lekoil Nigeria, in which Lekoil Cayman, a Cayman Islands-registered AIM-listed holding company holds a 40% equity hold\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/lekoil-cayman-hit-by-massive-board-resignations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lekoil Cayman Hit By Massive Board Resignations - 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